Ultimate List of the Best Savings Accounts In UAE

Savings accounts in the UAE offer a diverse range of options, catering to the unique financial needs and goals of residents and expatriates alike.

These accounts often come with attractive features like competitive interest or profit rates, online and mobile banking accessibility, and a variety of currency options.

From zero-balance accounts to high-yield savings options, UAE banks provide accounts tailored for every individual, whether they are students, professionals, or entrepreneurs.

Additionally, many accounts offer additional perks like free debit cards and low or no maintenance fees, making them an efficient tool for managing personal finances and growing savings in a financially stable and dynamic environment.

Best Savings Accounts In UAE

Emirates NBD Standard Savings Account

The Emirates NBD Standard Savings account is a high-interest savings option, exclusively available in UAE currency.

It ranks among the top savings accounts in the UAE and comes with several features and benefits.

Account holders can access online and phone banking services, enjoy a free international debit card, and make bill payments conveniently.

The account offers an interest rate of 0.20% per annum and includes free local and international money transfers.

A minimum balance of AED 3000 is required to maintain this account, but there are no annual fees or charges for opening the account.

Mashreq Basic Savings Account

Mashreq Bank’s Basic Savings Account offers notable benefits and competitive profit rates.

Account holders can earn a 0.15% profit on their balance, which is credited every six months.

The account can be conveniently opened online and comes with a free Mashreq debit card, allowing up to six manned monthly transactions without extra charges.

Available in both AED and USD, the account is open to both UAE residents and non-residents.

To maintain the account, a minimum average balance of AED 3000 is required.

If the total customer relationship balance falls below this threshold, a fee of AED 25 is charged.

An initial deposit of AED 3000 is also necessary to open the account.

ADIB Smart Banking Account

The ADIB Smart Banking Account stands out as a highly beneficial choice among ADIB’s range of accounts, particularly for UAE residents over 18 years, including students and housewives.

This account is unique as it is a zero-balance account, meaning there’s no minimum balance requirement.

Account holders can earn a profit on their balance and receive rewards for salary transfers.

Additional perks include discounts on dining and lifestyle purchases, the ability to withdraw cash without a card, and free domestic and international remittances.

A complimentary debit card is also provided.

Notably, there are no annual fees associated with the ADIB Smart Banking Account, reinforcing its appeal as a cost-effective banking solution.

The HSBC Term Deposit Account

The HSBC Term Deposit Account is a fixed-term investment option offering stable returns and flexible terms:

  1. Fixed Interest Rates: This account offers up to 2.50% per annum, with interest payable upon maturity, providing a predictable return on investment.
  2. Currency Options: Available in AED, USD, or GBP, it caters to diverse financial needs and preferences.
  3. Low Minimum Deposit: The account can be opened with a minimum deposit of AED 10,000 or USD/GBP 5,000, making it accessible to a broad range of savers.
  4. Reinvestment Options: Upon maturity, you have the flexibility to reinvest both the principal and interest, facilitating continuous growth of your savings.
  5. Free Banking Services: Offers free online banking, phone banking, mobile banking, and text message alerts for convenient account management.
  6. Flexible Terms: You can choose from a variety of terms starting from 1 month up to 36 months, allowing for short to medium-term investment planning.
  7. Fees and Charges: There are no service fees, but account closure incurs a fee of AED 105. Other charges include AED 50 for standing instructions, stop payment instructions, and international cash withdrawals.
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The HSBC Term Deposit Account is ideal for individuals seeking a secure and predictable savings instrument with flexible duration options and the convenience of digital banking.

The Emirates NBD Tiered Savings Account

The Emirates NBD Tiered Savings Account encourages increased savings with its tiered interest rate system:

  1. Tiered Interest Rates: Interest rates range from 0.25% to 0.50%, rewarding more significant savings with higher interest.
  2. Currency Options: Available in AED, USD, and SAR, catering to diverse financial preferences.
  3. Minimum Balance: Requires a minimum monthly average balance of AED 3000.
  4. Debit Card: Offers a free Debit Card, but only in AED.
  5. Withdrawal Flexibility: Allows for partial withdrawals without premature withdrawal penalties.
  6. Interest Payout: Monthly interest payouts to account holders.
  7. Eligibility: Open to salaried, non-salaried, and self-employed individuals.
  8. Fees and Charges: No account opening or dormant account charges. However, a fee of AED 105 for account closure, AED 26.25 monthly for non-maintenance of balance, AED 52.50 for setting up standing instructions, and AED 21 for international ATM withdrawals. No annual fees for the debit card.

This account is suitable for individuals looking to maximize their savings earnings through a tiered interest system, with the convenience of monthly interest payouts and various currency options.

United Arab Bank (UAB) Savings Account

The United Arab Bank (UAB) Savings Account is designed to encourage savings by offering attractive interest rates that are linked to the account balance.

This account stands out for its beneficial features, including the potential to earn interest on the balance maintained.

Key advantages of this account include the provision of a free debit card and the absence of any maintenance charges.

To open a UAB Savings Account, a minimum amount of AED 3000 is required, and this same amount is also the minimum balance that must be maintained in the account.

Notably, there is no monthly fee associated with maintaining this account, making it an appealing option for those looking to save and earn interest without incurring additional costs.

The National Bank of Fujairah (NBF) Max Saver Account

The National Bank of Fujairah (NBF) Max Saver Account is specifically designed to maximize the benefits for its customers from their savings. This account stands out for its high profit potential, offering up to a 1% interest rate. Notable features of the NBF Max Saver Account include:

  1. Currency Options: It is available in both USD and AED currencies, providing flexibility for different financial needs.
  2. Interest Rate: The account offers an attractive interest rate of up to 1%.
  3. Interest Calculation: Interest is calculated on a daily basis and paid monthly, ensuring frequent returns on your savings.
  4. Withdrawal Flexibility: Customers can make one withdrawal each month without affecting the interest accrued.
  5. Account Limit: Each customer is allowed to have a maximum of two Max Saver accounts at NBF.
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Additionally, the NBF Max Saver Account is very accessible, with no minimum balance requirement and no monthly fees, making it an appealing option for those looking to optimize their savings without worrying about maintaining a specific account balance or incurring regular fees.

The RAKBank Savings Account

The RAKBank Savings Account is designed to offer a practical and beneficial savings solution with minimal fees and charges. Key features and benefits of this account include:

  1. Interest Rate: Offers an interest rate of up to 0.25%, enabling account holders to grow their savings.
  2. Free Debit Card: Account holders are provided with a free debit card, enhancing convenience for transactions.
  3. Zero Balance Account: This account does not require maintaining a minimum balance, making it accessible and stress-free for users.
  4. Transaction Flexibility: Allows for one cash withdrawal or up to five utility bill payments per month, accommodating everyday financial needs.
  5. Utility Bill Payments: Enables free payment of utility bills, adding an extra layer of convenience without additional charges.

In terms of fees, the RAKBank Fast Saver Account is particularly appealing due to its absence of monthly and annual fees, making it a cost-effective choice for those looking to maintain a savings account without the worry of recurring charges.

The CBI Saver Account

The CBI Saver Account is a flexible and rewarding savings option, offers several benefits for account holders:

  1. Accessibility: The account is available for minors and can be held as a joint account, broadening its accessibility to a range of users.
  2. Free International Debit Card: Account holders receive a complimentary international debit card, facilitating global transactions.
  3. Currency and Interest: The account operates in AED, with interest credited monthly based on daily balance and activity.
  4. Unlimited Withdrawals: Unlike many savings accounts, there’s no restriction on the number of withdrawals, providing greater flexibility.
  5. Competitive Interest Rate: Offers an attractive interest rate of up to 2.10%, making it a lucrative option for savers.

In terms of fees, the CBI Saver Account is notably user-friendly with no monthly fees and no charges for opening the account. A minimum balance of AED 3,000 is required to maintain the account. This account is particularly suitable for those seeking easy access to their funds while earning a higher interest rate.

The Standard Chartered XtraSaver Account

The Standard Chartered XtraSaver Account is designed to offer both high interest and convenient access:

  1. Profit Rate: Offers an attractive profit rate of up to 0.6% per annum, which is competitive in the savings account market.
  2. Online and Mobile Banking: Account holders can manage their finances easily with online and mobile banking facilities.
  3. Currency Options: The account can be accessed in both AED and USD, catering to a diverse range of customers.
  4. Free Debit Card: Comes with a complimentary debit card, enhancing transactional convenience.
  5. Eligibility: Both UAE residents and non-residents can open this account, broadening its accessibility.

Regarding fees and requirements, the XtraSaver Account is quite accommodating with no minimum average balance required. However, an initial deposit of AED 3,000 is needed to open the account. This account is suitable for those seeking a high-yield savings option without the burden of maintaining a minimum balance, along with the flexibility of managing the account in multiple currencies.

The Emirates Islamic e-Savings Account

The Emirates Islamic e-Savings Account is a flexible online savings option, offering several advantages:

  1. Profit Rate: Account holders can earn up to 1% profit on their account balance, a competitive rate in the savings account sector.
  2. Profit Distribution: Profits are calculated and credited to the account quarterly, allowing for regular returns.
  3. Transaction Flexibility: There are no monthly transaction limitations, offering freedom and flexibility in managing funds.
  4. No Minimum Balance: The account does not require a minimum balance, making it accessible to a wide range of customers.
  5. Currency Options: Available in both AED and USD, the account caters to diverse customer preferences.
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In terms of fees, the e-Savings Account maintains a minimum average balance requirement of AED 0. However, a fall below fee of AED 25 is applicable for non-maintenance of the total customer relationship balance. This account is ideal for those seeking an online savings account with high profitability, flexibility in transactions, and no minimum balance requirements, all while having the convenience of managing the account in multiple currencies.

The FAB iSave Account

The FAB iSave Account is a notable savings option provided by First Abu Dhabi Bank, known for its high-profit rates and user-friendly features:

  1. High-Interest Rate: It offers one of the best savings rates in the UAE, with a notable 5% interest per year on new fund deposits made between February 1 and April 30, 2023. This high rate is especially applicable to customers depositing new funds.
  2. Accessibility for Existing Customers: Existing FAB customers can easily open an iSave account using the FAB Mobile app or through online banking, providing convenience and ease of access.
  3. Instant Account Opening: The account features an instant opening facility, streamlining the process and making it efficient for new users.
  4. No Minimum Balance Requirement: This account does not require maintaining a minimum balance, making it accessible and less burdensome for all kinds of savers.
  5. Currency and Withdrawals: The account is available in AED and imposes no restrictions on the number of withdrawals, offering flexibility in funds management.

In terms of fees, the FAB iSave Account has a minimum average balance requirement of AED 0 and does not charge monthly fees or cash withdrawal fees. This account is ideal for individuals looking for high interest rates, especially on new deposits, coupled with the convenience of online account management and no restrictions on withdrawals.

The Mashreq Set Up Saver Account

The Mashreq Set Up Saver Account is a distinctive savings account designed to encourage long-term savings with increasing interest rates over time:

  1. Progressive Interest Rates: This account offers a unique structure where interest rates start at 0.05% per year in the first month and gradually increase to 2% per year by the 18th month.
  2. Cumulative Interest Benefits: By the end of the 18-month tenure, account holders can earn a cumulative interest of 0.90%, which is a significant benefit for consistent savers.
  3. Fixed Tenure: The account comes with a fixed tenure of 18 months, making it suitable for individuals with medium-term savings goals.
  4. Convenient Access: It includes telebanking and free online mobile banking services, providing easy and remote access to account management.
  5. Minimum Balance and Fees: The account requires a minimum average balance of AED 10,000. For premature withdrawals, there’s a charge of 0.5%, and partial withdrawals are not allowed, encouraging savers to maintain their savings for the full term.

Overall, the Mashreq Set Up Saver Account is tailored for savers looking for structured growth in their interest earnings over a fixed period, along with the convenience of digital banking access.

 

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